Posted on December 31st, 2009
Alabama’s Colonial BancGroup, the holding company that controlled Colonial Bank, is working its way out of bankruptcy. Colonial was one of three Alabama banks which failed during the recent economic meltdown; when it went under, it had approximately $25 billion in assets.
As of last month, though, the company had negative $321 million in assets and only three employees. Despite it all, though, Colonial BancGroup remains a viable business and is diligently working its way out of its debt.
Colonial Bank was seized by bank regulators on August 14, and the group filed for bankruptcy on August 25.
If you or someone you love is facing economic hardship, contact the Birmingham bankruptcy attorneys of Greenway Law today by calling 205-324-4000.
Posted on December 23rd, 2009
A garnishment is a way of collecting payment from a defendant. It orders a third party, which owes money to the defendant, to pay money directly to a plaintiff.
Garnishments may cause significant financial hardship for those who have a number of debts. For this reason, a bankruptcy court relieve individuals who file for bankruptcy of their garnishments.
If you or anyone you know has considered filing for bankruptcy, contact the Alabama bankruptcy lawyer Paula Greenway at 205-324-4000.
Posted on December 17th, 2009
Many people who have poor credit ratings often seek others with better credit ratings to cosign their loans. By getting a cosigner, the borrower increases his or her chance of securing a loan.
From a creditor’s perspective, a cosigned loan is less risky because the creditor can collect from more than one person if the loan is not repaid. However, from the cosigner’s perspective, cosigning a loan may expose them to unnecessary risk.
If you have questions about negotiating your debt, contact the Birmingham debt negotiation lawyer Paula Greenway at 205-324-4000.
Posted on December 9th, 2009
When small businesses file for bankruptcy, their owners’ personal assets are typically protected from creditors. The filing typically freezes or erases creditors’ claims on the business’s assets.
However, if the owner is liable for the businesses debts, then the owner’s personal assets may be used to pay off certain obligations. When this occurs, the owner may also be driven into personal bankruptcy. While this unfortunate result is rare, it can often be damaging to an individual’s finances.
If you have questions about your small business bankruptcy filing, contact the Birmingham bankruptcy attorneys of Paula Greenway at 205-324-4000.
Posted on December 4th, 2009
Given the recent economic crisis, more individuals and families are filing for bankruptcy. Some of these filers, however, may not actually be in a position to file for bankruptcy.
In some cases, bankruptcy filers may not actually be in a position to file for bankruptcy and may be trying to get away with bankruptcy fraud. When this occurs, the filer may try to hide assets or make false debt claims.
If you or anyone you know is considering filing for bankruptcy, contact the Birmingham bankruptcy lawyers of Paula Greenway at 295-324-4000.
